Discuss processes involved in determining and managing project budgets; explain points and pitfalls to keep in mind

Assignment:

Aggregating all the estimated costs for the specific activities that make-up a project to determine its total budgeted cost (TBC) and then monitoring a project's progress to ensure that the work involved is kept within budget are two activities that are critical for success.

Question:

Discuss the processes involved in determining and managing project budgets while explaining what points and pitfalls project managers should keep in mind when performing these functions.

The following book is used in this class:

Gido, J., & Clements, J. P. (2012). Successful project management. (5 ed.). Mason, OH: South-Western Pub.